🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Former GM exec agrees to head Russia's GAZ board

Published 06/15/2009, 12:47 PM
Updated 06/15/2009, 12:56 PM

MOSCOW, June 15 (Reuters) - Russian indebted carmaker GAZ said on Monday it had invited a former General Motors Corp executive to head its board of directors.

"The ex-vice president of GM, Bo Andersson, has expressed his agreement to take the post of the chairman of the board of directors of GAZ," the company said in a statement.

"There were preliminary discussions with him about the possibility of his election as the head of the board of directors, and the shareholders hope that his candidature will be elected," Russia's second-largest carmaker added.

GAZ, along with Russia's largest lender Sberbank and Canadian car parts group Magna is on track to buy GM's German carmaker Opel.

GAZ is the industrial partner in the deal, which Russia hopes will bring in Opel's expertise and a chance of a technical breakthrough in its ailing car industry.

GAZ is controlled by businessman Oleg Deripaska.

The board of directors will be elected at the June 29 annual general meeting. The company said shareholders would request an extraordinary meeting in order to add Andersson's name to the list of candidates.

Andersson was the global purchasing manager at GM until this month, and is currently a consultant for the GAZ board and an advisor on car building to Deripaska. (Reporting by Anton Doroshev; writing by Toni Vorobyova; editing by Simon Jessop)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.